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Peoria Standard

Tuesday, November 5, 2024

Former state university employee Howell paid in $177K to pension fund, could collect $4.45M in retirement

Money 04

Former state university employee Ronald Howell, who retired in February 2016, saved $177,419 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Howell would collect as much as $4.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Howell received $93,559 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Howell will have already received $189,925 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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